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Kitno


Total Posts: 392
Joined: Mar 2005
 
Posted: 2019-04-13 00:06
Looking back at the pre-Crisis days there are some alleged stories of what may have occurred that seem batshit now:
1. Booking P&L (NPV) given wherever the curves were as upfront P&L, e.g. neg basis.
2. Marking to model
3. Having £2k of sushi delivered to the desk twice a week by a bookie but some other bookie had beat bookie A to it so you waved in the back office to scoff it all
4. Unmarked trading books
5. Having a desk password book to log in and book trades when someone ill/holiday
6. Hiring for aptitude and competence (or drinking ability) not quotas
7. Executing trades off desk/at lunch

How things have allegedly changed...

"Yeh, after that blow out I bid the bonds at 76 and you hit man...You're 77/81 now? Cool man...What? Do I care at 80? No mate... I'm 73 bid now...I'm sure you didn't just load up just for me...".

NeroTulip


Total Posts: 1029
Joined: May 2004
 
Posted: 2019-04-13 15:57
Now that operation "Make Banking Boring Again" has succeeded, the wolves have moved to Tech, Pharma, and other fields, where the damage they will unleash will probably make the GFC look like a tempest in a teapot.

"Earth: some bacteria and basic life forms, no sign of intelligent life" (Message from a type III civilization probe sent to the solar system circa 2016)

Osiris2


Total Posts: 27
Joined: Sep 2017
 
Posted: 2019-04-24 22:28
Those are hardly the most egregious things ...
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